Bill > S1436

This bill establishes a dedicated "local property tax relief fund" within the state's books, which will receive money from various sources, including a portion of tax revenue related to inflation adjustments. This fund is intended to provide financial relief specifically to owners of class 1, or residential, real property, but only for their primary homes where they file their income taxes. The bill also outlines a process for calculating and reporting inflation-adjusted changes in baseline tax revenues, with a mandate to transfer at least 10% of any positive increase to this relief fund. Furthermore, it grants citizens the ability to petition the courts to ensure these provisions are followed, and if successful, they can recover their legal costs.